Collins makes a good start at KPMG but the hard part’s to come December 15, 2013 This probably hasn’t been the easiest year to be the top dog at one of the country’s big four accountancy groups. The industry is still wracked with self doubt as to whether it should or could have spotted the problems that led to the financial crash earlier, and, to make matters worse, the Big Four [...]
HSBC insists China focus remains after €470m sale to Santander December 10, 2013 SANTANDER, Spain’s largest bank, is to buy HSBC’s eight per cent stake in Bank of Shanghai, just as many international rivals are beginning to sell out of China. The Spanish giant said yesterday that the Bank of Shanghai deal also included a cooperation agreement, taking the value of its investment to €470m (£393m). Asia-focused HSBC [...]
Former government adviser Jacobi joins Weir Group board December 10, 2013 ENGINEERING firm Weir Group said it has hired Mary Jo Jacobi, a former adviser to Prime Minister David Cameron, as a non-executive board director, as rumours of a £5.9bn takeover offer from General Electric sent its shares to the top of the FTSE 100 yesterday morning. Weir’s share price went up over 2.5 per cent [...]
The Woodford effect: How to get active value December 10, 2013 But investing in a cheaper passive vehicle may make more sense in more efficient markets CLOSE to £2bn has been withdrawn from Neil Woodford’s flagship funds, Invesco Perpetual High Income and Invesco Perpetual Income, in the two months since the fund manager announced that he will step down in April 2014. Despite experts advising against [...]
Pensions costs to approach half a trillion by 2062 December 10, 2013 Expenditure on pensions will reach an eye watering £491bn by 2062/63, according to the Office for National Statistics (ONS). In 2062/63 spending on pensions will have reached 9.4 per cent of GDP. The UK's demographic time bomb is ticking, over five million men and 7.3 million women are already over the state pension age. The [...]
What the other papers say this morning – 09 December 2013 December 9, 2013 FINANCIAL TIMES HSBC eyes listing of £20bn UK bank HSBC has sounded out investors about a flotation of its UK arm, in a move that would realise value from its high street banking business and address regulatory pressures. The bank has in recent weeks asked investors whether they would support the sale of a sizeable [...]
City Moves for 09 December 2013 | Who’s switching jobs December 8, 2013 Lombard The asset finance provider has announced the hire of Lee Simms as head of agriculture. He joined Lombard 10 years ago, and has since held various roles in sales and strategy. JP Morgan Private Bank Faraj Saghri has been named head of the private bank for the UK and Nordics. He has worked at [...]
City Matters: It’s time for financial results to reflect the new face of post-crisis business December 8, 2013 ONE OF the charges that has often been laid against the City in recent years is that it has been too focused on short-term value. Many things have changed as a result of the crash, and one of them has been an increased awareness that the way companies currently report results is not fit for [...]
Inside Track: Moncler’s heavily subscribed new issue gives Milan a boost December 5, 2013 LONDON has enjoyed something of a return to form in the new issues market during 2013, but it’s the Milan stock market that is going out with a flourish. While the Dubai-based luxury property group Damac limped in a rather pedestrian way towards a £1.6bn London flotation this week after flirting with a postponement, there’s [...]
Banks fined for euro and yen rate fixing December 4, 2013 TRADERS from eight global banks colluded from 2005 to 2010 to attempt to alter euro and yen derivatives rates, the European Commission said yesterday, fining them a total of €1.7bn (£1.4bn). Deutsche Bank led the field with fines totalling €725.4m, followed by Societe Generale on €455.9m and RBS at €391m. JP Morgan was hit with [...]